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Gartman: Here’s Why I’m Now Bullish on Stocks

Stocks have rallied almost 5% since hitting its lows last week. Where are stocks going to go next? We talk numbers with Dennis Gartman, Founder and Publisher of The Gartman Letter.

Gartman has turned bullish on stocks worldwide.

“I had been agnostic of stocks generally [from February] until last week,” says Gartman. “It was time to go back after what I thought was a relatively decisive correction. I think the long-term trend is higher.”

Gartman isn’t just bullish on American stocks. “I bought the S&P. I bought the Nikkei. I’m going to start coming in and buying European stocks,” he says.” I’m bullish of stocks generally around the world.”

There is one technical indicator that would get Gartman to close out his long equity positions. “What would cause me to stand aside?” asks Gartman. “If we took out last week’s lows and closed below them.”

Gartman is one of the best-known practitioners of technical analysis but do the charts agree with his now-bullish sentiment? We ask Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, to analyze the S&P 500’s chart.

To hear the rest of Gartman’s interview where he discusses why he’s long stocks, and to see Ross analyze the S&P 500 chart, watch the video above. -----